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The Official Website for the Republic of Texas compliments of the Current Counsel General Interim Government.

Tuesday, February 5, 2013

What is the Comprehensive Annual Financial Report?

What is the Comprehensive
Annual Financial Report?by Jesse Enloe

A few weeks ago I became aware of the Comprehensive Annual Financial
Report (CAFR) that all cities, counties and states are required by
federal law to prepare annually. I have found that this has been going
on for about the last 30 years. Why have we not heard of this before?
Let me start by saying that I have only scratched the surface in researching
this matter at this point, but already we see some amazing and truly unsettling
information. The simplest way to explain this issue is to say that the
STATE OF TEXAS keeps two sets of books. One is the regular general
budget or service budget. This is where they report an accounting of expenses
verses tax revenues. This is the budget that they show everyone.
The other set of books, reported only in the CAFR, is off-budget
revenues from autonomous agencies. This is revenue from sources other than
the direct taxes we are all used to.
The issue of the CAFR first came to my attention when I heard an audio
tape of a radio talk show Sweet Liberty which originates in Pennsylvania.
The guest was Walter Burien, who had worked as a commodities advisor on
Wall Street for fifteen years prior to his discovering the CAFR.
In 1989 Walter was involved in the formation of a Citizens Tax
Reform group for New Jersey. As his father had been a personnel manager
for the Treasury Department of New Jersey for eight years, Walter knew
how to navigate through government agencies and get information. When he
learned of the existence of the CAFR he was able to obtain the book and
study it. What he discovered was truly earth shaking!!
The states service budget for that year was 17 billion. This
was published and put out to the people for them to see the costs vs. revenue.
However in researching the information in the CAFR he discovered another
282
billion in liquid investments, Common Stock, loans due from public
and private corporations, and Insurance Equity participation. The service
budget had reported 17 billion for that year but the CAFR showed a total
revenue of 44 billion. Where did that 27 billion go? Into
the above mentioned 282 billion which they had been accumulating for years!
In researching the Texas CAFR, it appears that as of 1997 the
STATE OF TEXAS has $5 Trillion in managed investment funds
that they have accumulated over the years from the people of Texas, with
revenues totaling $2 Trillion while reporting revenues on the service
budget of around 42 billion (1997). Yet they are still raising
taxes to provide more income to the state. There is something drastically
wrong with this picture!
This situation is a travesty and an extortion scheme of epic proportions.
According to these numbers, the STATE OF TEXAS could literally stop
collecting taxes of any kind and operate the government FOREVER off
the interest generated on the $5 Trillion they already have. Instead we
are hearing that Gov. Bush wants to reduce property taxes, which are absolutely
unconstitutional in the first place.
In 1982 the Texas constitution was amended and declared "ad valorem
taxes are hereby abolished in the State of Texas." Why are they still
collecting this unlawful tax and taking peoples' property when they don't
pay this unlawful tax? And why does Gov. Bush want to reduce rather than
eliminate this unlawful tax?
This article is an introduction only. It is intended to make people
aware of the general subject of the CAFR. Many people are currently researching
this issue after obtaining a copy of the Texas CAFR. As detailed facts
and information are discovered, they will be reported in subsequent issues
of this page. You too, can get a copy of this document by simply calling
the Comptroller's Office at 512-936-6147. They will send
it to you at no cost to you. If you want to get one it is advisable to
do so in the near future. When people start asking hard questions and putting
pressure on the government for an accounting of this money they may discontinue
making this document available.
As stated before, this appears to be a money scheme of epic proportions.
This is not a joke. This is not an anti-government article.
This is simply to inform the people of something that affects every one
of us. When you realize that you receive $1.00 of services from the
state for every $5 they collect, it is truly appalling.